# The Insurance Companies Regulations 1994, Paragraph 11


Units, by whatever name called, in a real or notional fund (not being a scheme or undertaking of a kind mentioned in paragraph 5 above) which is limited to the descriptions of property mentioned above and which under the contract is to be managed either—
(a) wholly by the insurer; or
(b) wholly or to any extent by another person being a person for whose acts and omissions in managing the fund the insurer assumes responsibility towards the policy holder as if they were the acts or omissions of the insurer, and otherwise (if at all) by the insurer.

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Source: https://www.legislation.gov.uk/uksi/1994/1516/schedule/10/paragraph/11 (the official version)
Page: https://openlegislation.uk/insurance-companies-regulations-1994/schedule-10/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.